Senate Bill S2520C

2019-2020 Legislative Session

Establishes the state of emergency small business and not-for-profit organization loan program

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Banks Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

2019-S2520 - Details

See Assembly Version of this Bill:
A10212
Current Committee:
Senate Banks
Law Section:
Executive Law
Laws Affected:
Add §29-l, Exec L
Versions Introduced in 2021-2022 Legislative Session:
S3406, A5086

2019-S2520 - Summary

Establishes the state of emergency small business and not-for-profit organization loan program.

2019-S2520 - Sponsor Memo

2019-S2520 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2520
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 25, 2019
                                ___________
 
 Introduced  by Sen. HARCKHAM -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks
 
 AN ACT establishing the federal shutdown affected employees loan program
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Definitions. As used in this act, the following terms shall
 have the following meanings:
   (a) "Affected employee" means a federal employee who, during the shut-
 down,  is  (i)  a resident of this state, and (ii) required to work as a
 federal employee without pay or furloughed as a federal employee without
 pay;
   (b) "Bank" means a bank as such term is defined in  subdivision  1  of
 section 2 of the banking law;
   (c)  "Credit  union"  means  a credit union as such term is defined in
 subdivision 9 of section 2 of the banking law;
   (d) "Department" means the department of financial services;
   (e) "Eligible financial institution" means a bank or credit union that
 has a physical presence in this state and is in good standing;
   (f) "Grace period" means  the  ninety-day  period  after  an  affected
 employee's federal agency is funded; and
   (g)  "Shutdown"  means the federal fiscal year 2019 partial government
 shutdown that began on December 22, 2018.
   § 2. Federal shutdown affected employee loan program. (a) The  depart-
 ment  shall administer a federal shutdown affected employee loan program
 to guarantee the repayment of loans made by an eligible financial insti-
 tution to an eligible affected employee pursuant to this act.    Subject
 to the cessation of new claim approvals under subdivision (d) of section
 five of this act, the department shall submit all approved claims to the
 comptroller,  who  shall  pay  from  the general fund any and all claims
 submitted by the department.
   (b) Any bank or credit union may apply to the  department  to  partic-
 ipate  in  the  loan  guarantee program. Not later than one business day
 after receiving the application, the department shall determine  whether
 the financial institution is an eligible financial institution and imme-
              

2019-S2520A - Details

See Assembly Version of this Bill:
A10212
Current Committee:
Senate Banks
Law Section:
Executive Law
Laws Affected:
Add §29-l, Exec L
Versions Introduced in 2021-2022 Legislative Session:
S3406, A5086

2019-S2520A - Summary

Establishes the state of emergency small business and not-for-profit organization loan program.

2019-S2520A - Sponsor Memo

2019-S2520A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2520--A
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 25, 2019
                                ___________
 
 Introduced  by Sen. HARCKHAM -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks  --  recommitted  to
   the  Committee  on  Banks  in accordance with Senate Rule 6, sec. 8 --
   committee discharged, bill amended, ordered reprinted as  amended  and
   recommitted to said committee

 AN ACT to amend the executive law, in relation to establishing the state
   of emergency small business loan program
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The executive law is amended by adding a new  section  29-l
 to read as follows:
   §  29-L.  STATE  OF  EMERGENCY  SMALL  BUSINESS LOAN PROGRAM. 1. DEFI-
 NITIONS. AS USED IN THIS SECTION, THE FOLLOWING  TERMS  SHALL  HAVE  THE
 FOLLOWING MEANINGS:
   (A)  "AFFECTED  SMALL  BUSINESS" MEANS A SMALL BUSINESS LOCATED WITHIN
 THIS STATE DURING A STATE OF EMERGENCY;
   (B) "BANK" MEANS A BANK AS SUCH TERM IS DEFINED IN SUBDIVISION ONE  OF
 SECTION TWO OF THE BANKING LAW;
   (C)  "CREDIT  UNION"  MEANS  A CREDIT UNION AS SUCH TERM IS DEFINED IN
 SUBDIVISION NINE OF SECTION TWO OF THE BANKING LAW;
   (D) "DEPARTMENT" MEANS THE DEPARTMENT OF FINANCIAL SERVICES;
   (E) "ELIGIBLE FINANCIAL INSTITUTION" MEANS A BANK OR CREDIT UNION THAT
 HAS A PHYSICAL PRESENCE IN THIS STATE AND IS IN GOOD STANDING;
   (F) "GRACE PERIOD" MEANS THE NINETY-DAY PERIOD AFTER A STATE OF  EMER-
 GENCY IS OVER;
   (G) "SMALL BUSINESS" MEANS A BUSINESS WITH NOT MORE THAN FIFTY EMPLOY-
 EES; AND
   (H) "STATE OF EMERGENCY" MEANS THE PERIOD BEGINNING WITH A DECLARATION
 BY THE GOVERNOR THAT A STATE OF EMERGENCY EXISTS.
   2.  STATE OF EMERGENCY SMALL BUSINESS LOAN PROGRAM. (A) THE DEPARTMENT
 SHALL ADMINISTER A STATE OF EMERGENCY SMALL  BUSINESS  LOAN  PROGRAM  TO
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

2019-S2520B - Details

See Assembly Version of this Bill:
A10212
Current Committee:
Senate Banks
Law Section:
Executive Law
Laws Affected:
Add §29-l, Exec L
Versions Introduced in 2021-2022 Legislative Session:
S3406, A5086

2019-S2520B - Summary

Establishes the state of emergency small business and not-for-profit organization loan program.

2019-S2520B - Sponsor Memo

2019-S2520B - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2520--B
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 25, 2019
                                ___________
 
 Introduced  by Sen. HARCKHAM -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks  --  recommitted  to
   the  Committee  on  Banks  in accordance with Senate Rule 6, sec. 8 --
   committee discharged, bill amended, ordered reprinted as  amended  and
   recommitted  to  said committee -- committee discharged, bill amended,
   ordered reprinted as amended and recommitted to said committee
 
 AN ACT to amend the executive law, in relation to establishing the state
   of emergency small business loan program
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The executive law is amended by adding a new section 29-l
 to read as follows:
   § 29-L. STATE OF EMERGENCY  SMALL  BUSINESS  LOAN  PROGRAM.  1.  DEFI-
 NITIONS.  AS  USED  IN  THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE
 FOLLOWING MEANINGS:
   (A) "AFFECTED SMALL BUSINESS" MEANS A SMALL  BUSINESS  LOCATED  WITHIN
 THIS STATE DURING A STATE OF EMERGENCY;
   (B)  "BANK" MEANS A BANK AS SUCH TERM IS DEFINED IN SUBDIVISION ONE OF
 SECTION TWO OF THE BANKING LAW;
   (C) "CREDIT UNION" MEANS A CREDIT UNION AS SUCH  TERM  IS  DEFINED  IN
 SUBDIVISION NINE OF SECTION TWO OF THE BANKING LAW;
   (D) "DEPARTMENT" MEANS THE DEPARTMENT OF FINANCIAL SERVICES;
   (E) "ELIGIBLE FINANCIAL INSTITUTION" MEANS A BANK OR CREDIT UNION THAT
 HAS A PHYSICAL PRESENCE IN THIS STATE AND IS IN GOOD STANDING;
   (F)  "GRACE PERIOD" MEANS THE NINETY-DAY PERIOD AFTER A STATE OF EMER-
 GENCY IS OVER;
   (G) "SMALL BUSINESS" MEANS A BUSINESS WITH NOT MORE THAN FIFTY EMPLOY-
 EES; AND
   (H) "STATE OF EMERGENCY" MEANS THE PERIOD BEGINNING WITH A DECLARATION
 BY THE GOVERNOR THAT A STATE OF EMERGENCY EXISTS.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08858-05-0
              

co-Sponsors

2019-S2520C (ACTIVE) - Details

See Assembly Version of this Bill:
A10212
Current Committee:
Senate Banks
Law Section:
Executive Law
Laws Affected:
Add §29-l, Exec L
Versions Introduced in 2021-2022 Legislative Session:
S3406, A5086

2019-S2520C (ACTIVE) - Summary

Establishes the state of emergency small business and not-for-profit organization loan program.

2019-S2520C (ACTIVE) - Sponsor Memo

2019-S2520C (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2520--C
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 25, 2019
                                ___________
 
 Introduced  by Sen. HARCKHAM -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks  --  recommitted  to
   the  Committee  on  Banks  in accordance with Senate Rule 6, sec. 8 --
   committee discharged, bill amended, ordered reprinted as  amended  and
   recommitted  to  said committee -- committee discharged, bill amended,
   ordered reprinted as amended and  recommitted  to  said  committee  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee
 
 AN ACT to amend the executive law, in relation to establishing the state
   of emergency  small  business  and  not-for-profit  organization  loan
   program
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The executive law is amended by adding a new  section  29-l
 to read as follows:
   § 29-L. STATE OF EMERGENCY SMALL BUSINESS AND NOT-FOR-PROFIT ORGANIZA-
 TION  LOAN PROGRAM. 1. DEFINITIONS. AS USED IN THIS SECTION, THE FOLLOW-
 ING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   (A) "AFFECTED BUSINESS OR ORGANIZATION"  MEANS  AND  INCLUDES  BOTH  A
 SMALL  BUSINESS  AND  A SMALL NOT-FOR-PROFIT ORGANIZATION LOCATED WITHIN
 THIS STATE DURING A STATE OF EMERGENCY;
   (B) "BANK" MEANS A BANK AS SUCH TERM IS DEFINED IN SUBDIVISION ONE  OF
 SECTION TWO OF THE BANKING LAW;
   (C)  "CREDIT  UNION"  MEANS  A CREDIT UNION AS SUCH TERM IS DEFINED IN
 SUBDIVISION NINE OF SECTION TWO OF THE BANKING LAW;
   (D) "DEPARTMENT" MEANS THE DEPARTMENT OF FINANCIAL SERVICES;
   (E) "ELIGIBLE FINANCIAL INSTITUTION" MEANS A BANK OR CREDIT UNION THAT
 HAS A PHYSICAL PRESENCE IN THIS STATE AND IS IN GOOD STANDING;
   (F) "GRACE PERIOD" MEANS THE NINETY-DAY PERIOD AFTER A STATE OF  EMER-
 GENCY IS OVER;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08858-07-0
              

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